Global Health Q2 FY27 Results Analysis: PAT Surges 50%, EBITDA Margin Expands 350 bps (MEDANTA)

Cofacto Research Published November 03, 2026 3 min read

Positive

Global Health Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,469.04 Cr (+33.64% YoY) and PAT growth of +38.35% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 03, 2026
Revenue (Q2)	Rs. 1,469.04 Cr (+33.64% YoY)
PAT (Q2)	Rs. 219.14 Cr (+38.35% YoY)
EBITDA margin	26.80% (+350 bps YoY)
EPS (Q2)	Rs. 8.21 (+39.39% YoY)

Quarter Snapshot

Medanta delivered 33.64% YoY revenue growth with EBITDA margin (company basis) up 350 bps YoY to 26.80% and normalized PAT up 50.38%, on positive operating leverage across all opex lines. Cash quality was high (H1 CFO/PAT 1.51x, FCF Rs.228.67 Cr) and the balance sheet remains net cash Rs.705.93 Cr while the Board approved a Rs.997 Cr, 500-bed Ghaziabad hospital. No metric exceeded a stated prior guidance number in the filing, so the signal is growth and margin execution rather than a formal guidance beat.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue/demand	"likely in-line to ahead"; capacity-led volume growth	Revenue +33.64% YoY, +12.65% QoQ	Played out
Reported margin	"likely compressing at the reported level"	EBITDA margin (company basis) 26.80%, +350 bps YoY	Contradicted
Ex-Noida margin flat-to-expanding	—	Noida split not disclosed in filing	Not observable
ARPOB path intact	5–7% guide	not disclosed in filing	Not observable
Cluster 1 band holds	24–25%	not disclosed in filing	Not observable
Capex run-rate established	on track vs Rs.800–900 Cr	H1 capex Rs.339.14 Cr	Played out
Watch: Noida loss print & occupancy	vs Rs.49 Mn loss	not addressed in the filing — remains open for the call	Not observable
Watch: Indore operationalization	Q2/Q3 FY27	filing repeats BTA only — open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Group capex Rs.800–900 Cr in FY27	Q4 FY26 / Q1 FY27 earnings calls	H1 FY27 capex Rs.339.14 Cr; H2 must deliver Rs.460.86–560.86 Cr	On Track
Final dividend Rs.0.50/share	FY26 AGM (Sept 2026)	Rs.9.92 Cr paid in H1 (cash-flow statement)	Met
Indore cancer unit operational by Q2/Q3 FY27	earnings call	filing repeats the BTA only; operationalization not confirmed	Too Early
Margin expansion from operating leverage as Noida matures ("already at around 24%… ~26% excluding Noida")	Q1 FY27 earnings call	Reported margin (company basis) 26.80% vs 23.30% a year ago, +350 bps	Confirmed
Volume-led growth without tariff increases	prior earnings calls	volumes not disclosed in this filing — revenue +33.64% YoY is consistent but not decomposable	Too Early
Gurgaon competition: "demand is enough", no volume dip	prior earnings calls	one competitor opened post-quarter-close (Oct 2026, per pre-call note, web-sourced); filing silent	Too Early

Key Investment Insights

Key Positives

Revenue grew 33.64% YoY and 12.65% QoQ to Rs.1,469.04 Cr
EBITDA margin (company basis) expanded 350 bps YoY to 26.80%; P&L-derived margin up 418 bps to 25.19%
Normalized PAT grew 50.38% YoY vs reported +38.35% after adjusting the prior-year one-time stamp-duty gain
Every operating cost line grew slower than revenue YoY; EBITDA before ESOP grew 53.45% YoY to Rs.400.00 Cr
H1 CFO/PAT of 1.51x; H1 FCF of Rs.228.67 Cr vs negative Rs.84.18 Cr in H1 FY26
Net cash position of Rs.705.93 Cr maintained while funding expansion; nil exceptional items this quarter
Installed beds rose from 3,737 to 3,811 during the quarter; Board approved Rs.997 Cr, 500-bed Ghaziabad project
Trade receivables grew 27.03% in H1, slower than H1 revenue growth of 30.18%

Risk Factors

Effective tax rate rose ~494 bps YoY to 25.67% from 20.73%, a real drag on PAT growth
Finance costs grew 64.13% YoY and D&A 42.34% YoY, faster than revenue, reflecting the debt and asset ramp
NCI swung to a Rs.(1.53) Cr loss share this quarter from Rs.(0.41) Cr a year ago